Query regarding th capitalisation of fixed assets
This query is : Resolved
11 June 2012
Dear sir,
i'm doing audit of our client & during the audit I've got the point that they incurred the an amt.Rs130000 towards repairs& maintenance of factory building, instead of capitalizing the same they charge to p&l a/c of the current year ,is it right or not...?
AND
when the amt.incurred for repairs & maintenance of the fixed assets should be capitalized.
i'm doing audit of our client & during the audit I've got the point that they incurred the an amt.Rs130000 towards repairs& maintenance of factory building, instead of capitalizing the same they charge to p&l a/c of the current year ,is it right or not...?
AND
when the amt.incurred for repairs & maintenance of the fixed assets should be capitalized.
13 June 2012
Repair & maintenance will be charged to P&L as it is NOT a capital expenditure.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
